RAMSEY, NJ, Jan. 15, 2019 (GLOBE NEWSWIRE) — Konica Minolta Business Solutions U.S.A., Inc. (Konica Minolta) today announced the purchase of the Enterprise Content Management (ECM) business segment from ThoughtTrace, Inc., a Houston, Texas based software company using Artificial Intelligence (AI) and machine learning to streamline contract management for the Oil & Gas industry.
Prior to its corporate name change to ThroughtTrace, Inc. in August of 2018, the company operated as Agile Upstream Group, Inc. Konica Minolta will continue to provide the ECM and Land and Land Administration solutions formerly provided by Agile Upstream to Oil & Gas organizations.
“We have been working in the Oil & Gas industry for several years with our proprietary AI software platform, ALI. With the rapid market adoption and accelerated need for this contract management solution in the Oil & Gas industry, we realized that we needed to refine and concentrate our focus on the ALI side of our business,” said Nick Vandivere, CEO of ThoughtTrace, Inc. “Given the success of Konica Minolta’s ECM business we knew that our employees and customers of the ECM Business Segment would be in very capable hands.”
“It’s a proven land and land administration solution that will further benefit from the industry expertise the sales and technical consultants coming on-board will bring with them,” said Les Walker, President, BIS. “We recognize that the upstream segment is in need of an ECM solution for their division orders and leases, and the midstream and downstream segments need content management solutions to further streamline their manufacturing and distribution business processes. Agile’s customers will benefit from KMBS’ national resources and broader Solutions offering,” Walker added.
“The addition of the ECM business segment from ThoughtTrace brings new capabilities that complements our growth strategy,” noted Kevin Kern, senior vice president, Business Intelligence Services and Product Planning. “This acquisition brings both new talent and vertical expertise to our ECM practice.”
About ThoughtTrace, Inc.
ThoughtTrace exists to empower people and companies to greater insight and creativity through better access to their most challenging information. We help enterprises review and validate critical information in existing contracts and legal documents. Using a combination of artificial intelligence (AI) and machine learning, the company’s SaaS platform ALI™ reads words, sentences, and paragraphs, just like a human does, driving better strategy, decisions, and execution. With results in minutes or hours, not weeks or months, advanced analysis and understanding is your edge. Learn more at http://www.thoughttrace.com
About Konica Minolta
Konica Minolta Business Solutions U.S.A., Inc. is reshaping and revolutionizing the Workplace of the Future™ (www.reshapework.com) with its expansive smart office product portfolio from IT Services (All Covered), ECM, Managed Print Services and industrial and commercial print solutions. Konica Minolta has been recognized as the #1 Brand for Customer Loyalty in the MFP Office Copier Market by Brand Keys for 11 consecutive years, and is proud to be ranked on the Forbes 2017 America’s Best Employers list. The World Technology Awards recently named the company a finalist in the IT Software category. Konica Minolta, Inc. has been named to the Dow Jones Sustainability World Index for six consecutive years. It partners with its clients to give shape to ideas and work to bring value to our society.